Budget 2017: Sanjay Pugalia in Conversation with Arun Jaitley
Sanjay Pugalia talks to Union Finance Minister Arun Jaitley about Budget 2017.
Finance Minister Arun Jaitley shares his thoughts on the Union Budget 2017-18 with Sanjay Pugalia, Editorial Director of The Quint.
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'Universal Basic Income is an Idea Whose Time Should Come'
Commenting on the Universal Basic Income, an idea expounded by Arvind Subramanian in his Economic Survey, Arun Jaitley said that UBI could only be implemented if Indian politics matures. He said,
'Reducing Corporate Tax Gradually by Phasing Exemptions'
On being asked about his promise to India Inc to bring down corporate tax to 29%, Arun Jaitley argued that reduction in tax is linked to a gradual phasing of tax exemptions. He said,
'MSMEs Create Most Jobs in India, And Were Worst Affected by Demonetisation'
Commenting on the importance of the MSMEs in the Indian economy, Arun Jaitley said that the small and medium corporates are responsible for job creation, which is why they have been provided a tax relief in the 2017 Budget.
'We Have Changed Cash as a Way of Life in India'
Emphasising that demonetisation has brought benefits to the people in India, Arun Jaitley argued that ‘demonetisation in India occurred in a model manner.’ He said,
One Political Party, One Account: Jaitley on Reforms in Political Funding
Commenting on reforms in funding of political parties, Arun Jaitley explained the political bond scheme while giving an example of how Barack Obama funded his political campaign. He said,
'Demonetisation Will Expand, People Are Going to Disclose More Money'
Stressing on the benefits of demonetisation, Jaitley assured that over time, more and more people would come forward to disclose money. He also predicted benefits in personal income tax.
The Finance Minister also said that while excise tax will become obsolete in the middle of the year with the introduction of the Goods and Services Tax (GST), indirect tax collection will increase.
'Strength of Indian Economy is Government Spending'
After announcing the Union Budget 2017, Arun Jaitley said that public spending was the strength of the Indian economy.
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